Textile industry welcomes economic pact

Published - March 10, 2024 08:26 pm IST - COIMBATORE

The textile industry has welcomed the signing of the Trade and Economic Partnership Agreement with the European Free Trade Association saying it will give the industry technology and product development opportunities.

Rakesh Mehra, chairman of the Confederation of Indian Textile Industry, said in a press release the agreement will further catalyse the growth of the Indian textile industry, especially in terms of critical inputs, technology, and product development opportunities.

While the EFTA members Iceland, Liechtenstein, Norway, and Switzerland are an important trade block for the Indian textile industry, the government should expedite signing of free trade agreement with Switzerland as both India and Switzerland complement the needs of each other in the textile and apparel space.

India imports technology and machinery from Switzerland and Switzerland sources raw materials and intermediate products, to be converted into high-quality and sustainable end products from India. The CITI and the Swiss Textiles signed an MoU in November 2023 to promote bilateral trade and investment, he said.

A. Sakthivel, a member of the Board of Trade, said the signing of the trade agreement will improve modernisation in all sectors, especially textiles. With this, signing of free trade agreement with Switzerland and Norway should happen soon.

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